AAT backs ASIC broker banning decision

ASIC banned Shiv Prakash Sahay in October 2015 after he was convicted on three charges relating to producing false documents in home loan applications. 

Mr Sahay was sentenced to 350 hours of community service work, according to ASIC.

He then applied to the AAT for a review of the banning decision. This week, the AAT decided that the ban was appropriate.

“According to the AAT decision, Mr Sahay's conduct 'involved deliberate and repeated action by him to provide false information to lending authorities including the creation of false documents to support the applications lodged by him' and 'was irresponsible and significantly inconsistent with the orderly operation of the financial market’,” ASIC said.

“In coming to the decision, the AAT took into consideration the need to protect the public from the conduct of Mr Sahay and the need to maintain the integrity of the financial services and credit industries to 'deter others from engaging in activity such as that being considered in this matter’.”